One of the worst bond trades of 2017 has become one of the best so far this year: It’s Venezuela.

The country’s sovereign bonds are the top performers in emerging markets this year, up 9.7% as of Friday, compared with a drop of 2.3% for the benchmark JPMorgan EMBI Global Diversified Index. The bonds lost 34% last year as Venezuela’s economic crisis worsened with skyrocketing infant mortality, plummeting oil production and shortages of food and medicine.